The budget is one of the first and most important things to do right after fixing your wedding date. Yes! The excitement of being with the love of your life forever would make you want to jump right into dress shopping, ring shopping, cake tasting but what happens when you eventually overspend and find yourself in a tough spot? It is best to build your budget before delving right into wedding planning!
In this post, we’ll highlight steps on how to create budget for any wedding:
1. Who’s paying for the wedding?
The big question - who’s paying for the wedding? It’s important early on to identify who is contributing to the weddings and how much, so you can include this in your budget. Usually, contributors to the wedding are the couple, their parents and even relatives. Also identify contributions to your budget that might not come in cash form e.g. an aunt who owns a bakery house may gift you a wedding cake.
2. Set a wedding budget limit:
Budgets are a personal subject and will be influenced by a couple and their environment. That said, your budget should be comfortably within your affordability limit - there is the marriage after the wedding! It is easier to stick to a budget if there is a limit that cannot be crossed - have these conversation early on with your partner and others contributing to the budget, so everyone is on the same page.
3. Allocate:
After setting your wedding budget amount, make a list of important expenses for your wedding ceremony and allocate your budget against these. This should be backed up by research - speak to vendors, friends who have recently gotten married. You might have to make alterations as you progress with your planning but you’re off to a good start. Here is a little illustration:
Imagine your wedding budget is 2m Naira
| EXPENSE CATEGORY | ALLOCATION |
|---|---|
| WEDDING ATTIRE | 10% |
| HALL AND DECORATION | 30% |
| FOOD AND DRINKS | 30% |
| ENTERTAINMENT AND MEDIA | 20% |
| MISCELLANEOUS | 10% |
| TOTAL | 100% |
The broad categories in this table should be broken into smaller items - wedding dress, small chops, rental for transportation etc. The best way to avoid surprises is to plan for everything ahead, for even the smallest things like cake cutters!
4. Stick to the plan
Refer to your budget as you start hiring vendors, buying supplies, and signing contracts. You can adjust it, but remember to keep it balanced. If you’re going to spend more on the hall and decorations, spend less on something less important to you to make up for it. Don’t feel ashamed to get creative to manage costs - DIY where you can, ask vendors for discounts - your wallet will thank you!